Oct 18, 2009 Posted by admin on Oct 18, 2009 in Home Grants | 0 comments

Homeownership Grants in Ohio

Ohio Housing Finance Agency has a Down Payment Assistance Grant program.  Eligible borrowers participating in the  First-Time Homebuyer Program, Target Area Loan Program, and Ohio Heroes Program can use the grant to greatly reduce the out-of-pocket expenses associated with buying a home.

If you qualify for one of OHFA’s home loan programs, you can choose to take advantage of the Down Payment Assistance Grant.

• OHFA will issue a grant in an amount up to 2.5% of your home’s purchase price.
• You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will greatly reduce your expenses, you may still be required to pay for some costs out of pocket.
• If you take advantage of the grant, your mortgage interest rate will be .5% higher than OHFA’s current mortgage rates.

Go to the website to learn more about qualification

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